Nykaa eyes $3 billion IPO in 2021. According to people familiar with the matter, Nykaa e-Retail Pvt. Ltd. is planning an early public offering this year that could value Indian online cosmetic retailers at least a billion.

Former investment banker Falguni Nair, a start-up in Mumbai, is working with consultants to prepare for the share sale, the people said. Although the sale of shares abroad is also being considered, Nykaa is leaning towards domestic listing.

Discussions are ongoing and the details of the offer may vary based on size and schedule, the people said. Nykaa’s representative declined to comment.

It has six warehouses in India and receives more than 1 million orders per month.

The company was preparing for an IPO in two years, its founder and CEO Nair told local news agency PTI in an interview in 2018.

Nykaa counts Indian businessman Sunil Munjal, Hero Enterprise as one of their supporters. In November, Fidelity Management & Research invested an undisclosed amount in Nykaa’s latest fundraising round. Nykaa has registered significant sales because of the boom in online shopping during the lockdown period.

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